New York Investor Acquires Delco Shopping Center in a $26 Million All-Cash Transaction

New York Investor Acquires Delco Shopping Center in a $26 Million All-Cash Transaction

A Boothwyn Shopping Center Anchored by Walmart and Acme Sells for $26 Million.

Larkin’s Corner, a prominent shopping center in Boothwyn featuring anchor stores like Walmart and Acme, has been successfully sold for $26 million, as reported by an industry insider. U & Me Enterprises, a private investor hailing from Long Island, New York, completed the acquisition from Site Centers (NYSE: SITC) in an all-cash transaction through a 1031 exchange, according to the same source. A 1031 exchange is a tax-deferral mechanism that allows real estate investors to sell one property and reinvest the proceeds into another without incurring capital gains taxes.

The shopping center, spanning an impressive 225,214 square feet, is home to various well-known tenants, including Dollar Tree, McDonald’s, and TD Bank. Notably, the property in Delaware County enjoys a high occupancy rate of 99% and is conveniently situated at 601-659 Conchester Highway.

*Article courtesy of Philadelphia Business Journal

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